Core Viewpoint - The article discusses the severe issues faced by investors in Yongkun Gold, highlighting the inability to redeem investments and the company's misleading promises regarding gold investment safety and returns [1][12]. Group 1: Company Operations - Yongkun Gold (Zhejiang Yongkun Holdings Co., Ltd.) has been accused of failing to fulfill its gold custody business, leading to significant financial losses for investors, some amounting to millions [1][12]. - The company previously claimed that investors could redeem gold at a profit when prices rose or receive a full refund when prices fell, which has proven to be misleading [2][12]. - Yongkun Gold has been operating since 2014 and claims to be a comprehensive service provider in the gold industry, with a presence in multiple provinces and over 50 retail outlets [12]. Group 2: Investor Experiences - Many investors, including those who have invested for over a decade, are now unable to redeem their gold, with reported amounts reaching up to 700 million yuan [4][6]. - Investors were drawn to Yongkun's offerings due to the perceived safety provided by insurance policies from companies like Taiping Property Insurance, which promised to cover their investments [8][11]. - However, the insurance policies do not cover losses due to the company's operational failures, leading to further investor concerns [8][11]. Group 3: Legal and Regulatory Issues - Local law enforcement has initiated criminal proceedings against Yongkun Gold, but there are concerns about the ability of online investors to recover their losses due to the lack of formal contracts [13]. - Legal experts suggest that Yongkun's business practices may constitute illegal public fundraising, and the investigation will determine if fraud charges are applicable [13].